The Return of John McCain, Teddy Roosevelt Fan

January 5, 2010

Granted, too-big-to-fail is an issue that has populist resonance on both right and left. Still, given McCain's trajectory over the last few years, this isn't necessarily a fight I'd have expected him to pick. Good to see him involved. Politico's Victoria McGrane has the story:

The anger at the nation’s financial behemoths is taking shape in a variety of ways, most notably in a bill from Sens. Maria Cantwell (D-Wash.) and John McCain (R-Ariz.), who are targeting big financial institutions such as JPMorgan Chase and Citigroup.

The bipartisan duo’s bill would reinstate the Depression-era law that built a wall between commercial banking and the riskier activities of investment banking. The separation — originally set up in the Glass-Steagall Act — was repealed in 1999.

On the other hand, this does continue McCain's long-established pattern of sticking his finger in the eye of politicians who defeated him (the Obama administration opposes a bank break-up). So maybe it's not so surprising after all.